How can you use your CPF?
I want to know how CPF can help me meet my retirement needs. This is important because I want to prepare myself for retirement soon I want to know how much would I get monthly after I turn 65. How much do I need to have in my savings at the age of 55 and would it be possible to gain more from my retirement funds? How do I use the different accounts?
You can either choose to set aside either the Full Retirement Sum or the Basic Retirement Sum with a sufficient property charge. TYou can also withdraw the remaining cash balances or you can continue to keep your savings to earn interest. You can also top-up your Retirement Account up to the Enhanced Retirement Sum. If you own property or have sufficient property chartge, your monthly withdrawal is from S$730-S$790 but if not, the it's from S$1,350-S$1,450. CPF LIFE allows you to receive a monthly income for life, starting from your payout eligibility age.